Fitbit revamps IPO filing, looks to raise $358 million

Fitness tracker leader Fitbit has refiled for an initial public offering with new documents aiming to raise $358 million given an estimated value of $3.3 billion, according to a report from The Street.

The new IPO states the wearables maker will offer up 29.85 million Class A shares, selling for between $14 and $16 each. Fitbit originally filed for a $100 million IPO in mid-May, as FierceMobileHealthcare reported. That filing cited an NPD Group research report noting Fitbit boasts 68 percent share in what is predicted to be a $200 billion dollar market this year. The new IPO states the eight-year-old Fitbit has sold 20.8 million devices since it launched in 2007.

The revised filing arrives on the heels of a lawsuit by top rival Jawbone that claims Fitbit is poaching employees and that some of the newly hired are bringing stolen Fitbit intellectual property. It also comes shortly after a new research report suggests that Fitbit may be losing its tight grip as the fitness band market leader given increased consumer demand for smartwatch devices. The Argus Insights research claims the wearables maker is struggling and that its leadership in wearables is less than 50 percent, which is much less than its 68 percent ownership of the fitness band segment. 

In the new filing, Fitbit describes itself as the pioneer in the connected health and fitness market with six wearable trackers in the market as well as a Wi-Fi connected scale.

"We dedicate significant resources to developing proprietary sensors, algorithms and software to ensure that our products have highly accurate measurements, insightful analytics, compact sizes, durability and long battery lives. We are able to enhance the functionality and features of our connected devices through wireless updates," the new IPO states.

Fitbit products are sold in more than 45,000 retail stores and in more than 50 countries, through retail websites, its online store and as part of its corporate wellness offering. For the three months ended March 31, 2014 and 2015, Fitbit states it had revenue of $108.8 million and $336.8 million, respectively.

Fitness and activity trackers are the largest product category within wearable tech, according to a Berg Insight report published in late 2014. The market segment is enjoying robust growth with 19 million wearables sold in 2014 and boasting a 54.7 annual growth rate that will propel wearable shipments to 168.2 million by 2019, according to Berg. Yet smartwatches are catching up quick and expected to overcome fitness and activity tools, hitting 90 million shipments in 2019, a huge spike from 5 million units in 2014.

Fitbit plans to debut as "FIT" on the New York Stock Exchange.

For more information:
- read the revised IPO filing
- read the report from The Street

Related Articles:
Jawbone sues Fibit for data theft, employee poaching
Fitbit faces challenges as smartwatch, fitness band competition heats up
Fitbit files for $100 million IPO
Report: Smartwatches to see rapid growth in wearables market
Connected fitness trackers to double by 2019
Reports: Wearables primed for big growth, with Apple Watch driving adoption